Binance has allocated $6.34 billion of its corporate funds to its User Fund and replenished 90% of the roughly $6.3 billion in assets stolen in Thursday’s hack, restoring 100% reserve backing for 10 major tokens: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. The exchange is buying the remaining 10% in less liquid altcoins through open market and OTC channels, drawing on its corporate treasury, excess balances from its futures insurance fund, and a partial deployment of its Secure Asset Fund for Users over the next 24 hours before refilling the SAFU reserve to about $1 billion.

The exchange remains on schedule to reopen withdrawals on Sunday, Nov 1, after completing a new Proof of Reserves snapshot on Oct 31, with full zero-knowledge cryptographic verification due Tuesday, Nov 3 UTC. A Binance spokesperson told Crypto in America that the drained hot wallets were legally owned by the exchange but held assets representing retail customers’ pro rata ownership claims, which the company is replacing so user balances avoid a haircut.

The Oct 29 breach—the largest crypto theft on record, roughly four times the $1.5 billion Bybit hack in February 2025—drained wallets across 10 blockchains after attackers compromised internal signing infrastructure and used Ethereum’s EIP-7702 delegation mechanism to bypass normal approval controls. TRM Labs and Chainalysis attributed the heist with high confidence to North Korea’s TraderTraitor group, and the FBI and US Secret Service are investigating. While stablecoin issuers and industry partners have frozen about $3 billion onchain, Chainalysis reported that the hackers are using automated transaction loops and swapping stablecoins into unfreezable DeFi depository receipt tokens on Tron to evade blacklists.